By Michael Dabaie

 

Biogen Inc Wednesday said it exercised its option from TMS Co. Ltd. to acquire TMS-007, an investigational drug for acute ischemic stroke.

Biogen said its decision to acquire TMS-007 was based on positive data from a Phase 2a study. The study met its primary safety objective with no incidence of symptomatic intracranial hemorrhage and demonstrated positive impacts on both blood vessel reopening in the brain as well as patient functional recovery.

Biogen will make a one-time $18 million payment as part of the acquisition of TMS-007. TMS is eligible to receive up to an additional $335 million in potential post-acquisition development and commercial payments should TMS-007 achieve certain developmental milestones and sales thresholds.

TMS is also eligible to receive tiered royalties in the high single digits to sub-teen percentages on annual worldwide net sales.

Biogen will be solely responsible for the costs and expenses related to the development, manufacturing and commercialization of TMS-007 after the acquisition.

Biogen said it is evaluating the next steps for the clinical development of TMS-007, including plans for global studies.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

May 12, 2021 08:15 ET (12:15 GMT)

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